NSE TATA has accomplished a corrective wave (B) and formed an impulsive wave (C). Wave (B) occurred at 94.45, followed by sub-waves of the impulsive wave (C).
Wave B retraced 61.8% of wave A, which shows strong rejection, and a good close above resistance can lead wave (C) above 135. Price has broken down to 50 and 100 EMA. As of now, the 200 EMA is squeezing Tata Steel, so traders can expect a retracement before it breaks out.
If the price sustains above 106.70, traders can buy for the following targets: 110 – 125 – 136+. Note, This trade setup will be invalid if the price closes below 94. Tata will gain momentum after the breakout of wave B at 110.
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Very helpful for beginners. Thanks.
Sir hindalco me accha profit hua he. muje lagta he tata steel me bhi same hi pattern form hui he.
Love your analysis from Dubai.